Inferring policy objectives from economic outcomes

Oxford Bulletin of Economics and Statistics

Volumn 66, Issue SUPPL., 2004, Pages 735-764

  Dennis, Richard ^a  

^a FEDERAL RESERVE BANK OF SAN FRANCISCO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 4944262790     PISSN: 03059049     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1468-0084.2004.100_1.x     Document Type: Review

References (34)

1. Amato, J. and Laubach, T. (2004). 'Implications of habit formation for optimal monetary policy', Journal of Monetary Economics, Vol. 51, pp. 305-325.
2. Calvo, G. (1983). 'Staggered contracts in a utility-maximising framework', Journal of Monetary Economics, Vol. 12, pp. 383-398.
3. Campbell, J. and Mankiw, G. (1989). 'Consumption, income, and interest rates: reinterpreting the time series evidence', in Blanchard O. and Fischer S. (eds), NBER Macroeconomics Annual 1989, MIT Press, Cambridge, MA.
4. Castelnuovo, E. (2003). Squeezing the Interest Rate Smoothing Weight with a Hybrid Expectations Model, FEEM Working Paper no. 06-2003.
5. Chow, G. (1981). Econometric Analysis by Control Methods, Chapter 16, John Wiley and Sons, New York.
6. Christiano, L., Eichenbaum, M. and Evans, C. (2004). 'Nominal rigidities and the dynamic effects of a shock to monetary policy', Journal of Political Economy, forthcoming.
7. Clarida, R., Galí, J. and Gertler, M. (2000). 'Monetary policy rules and macroeoonomic stability: evidence and some theory', Quarterly Journal of Economics, Vol. 115, pp. 147-180.
8. Collins, S. and Siklos, P. (2001). Optimal Reaction Functions, Taylor's Rule and Inflation Targets: The Experiences of Dollar Bloc Countries, Wilfrid Laurier University, mimeo.
9. Cukierman, A. (1986). 'Central bank behaviour and credibility: some recent theoretical developments', Federal Reserve Bank of St. Louis Economic Review, Vol. 86, pp. 5-17.
10. Dennis, R. (2001a). Optimal Policy in Rational Expectations Models: New Solution Algorithms, Federal Reserve Bank of San Francisco Working Paper no. 2001-09.
11. Dennis, R. (2001b). The Policy Preferences of the US Federal Reserve, Federal Reserve Bank of San Francisco Working Paper no. 2001-19.
12. Dennis, R. (2004). 'Solving for optimal simple rules in rational expectations models', Journal of Economic Dynamics and Control, Vol. 28, pp. 1635-1660.
13. Díaz-Giménez, J. (1999). 'Linear quadratic approximations: an introduction', in Marimon R. and Scott A. (eds), Computational Methods for the Study of Dynamic Economies, Oxford University Press, Oxford.
14. Favero, C. and Rovelli, R. (2004). 'Macroeconomic stability and the preferences of the Fed. a formal analysis, 1961-98', Journal of Money Credit and Banking, Vol. 35, pp. 545-556.
15. Galí, J. and Gertler, M. (1999). 'Inflation dynamics: a structural econometric analysis', Journal of Monetary Economics, Vol. 44, pp. 195-222.
16. Goodhart, C. (1997). 'Why do the monetary authorities smooth interest rates', in Collignon S. (ed.), European Monetary Policy, Pinter, London.
17. Hansen, L. and Sargent, T. (1980). 'Formulating and estimating dynamic linear rational expectations models', Journal of Economic Dynamics and Control, Vol. 2, pp. 7-46.
18. Ireland, P. (1997). 'A small, structural, quarterly model for monetary policy evaluation', Carnegie-Rochester Conference Series on Public Policy, Vol. 47, pp. 83-108.
19. Kim, J. (2000). 'Constructing and estimating a realistic optimizing model of monetary policy', Journal of Monetary Economics, Vol. 45, pp. 329-359.
20. Lansing, K. and Trehan, B. (2003). 'Forward-looking behavior and optimal discretionary monetary policy', Economics Letters, Vol. 81, pp. 249-256.
21. Laubach, T. and Williams, J. (2003). 'Measuring the natural rate of interest', Review of Economics and Statistics, Vol. 85, pp. 1063-1070.
22. Levin, A., Wieland, V. and Williams, J. (1999). 'Robustness of simple monetary policy rules under model uncertainty', in Taylor J. (ed.), Monetary Policy Rules, University of Chicago Press, Chicago.
23. Lucas, R. (1976). 'Econometric policy evaluation: a critique', Carnegie-Rochester Conference Series on Public Policy, Vol. 1, pp. 19-46.
24. McCallum, B. (2000). 'Alternative monetary policy rules: a comparison with historical settings for the United States, the United Kingdom, and Japan', Federal Reserve Bank of Richmond Economic Quarterly, Vol., 86, pp. 49-79.
25. Pesaran, H. (1988). 'Identification of rational expectations models', Journal of Econometrics, Vol. 16, pp. 375-398.
26. Rogoff, K. (1985). 'The optimal degree of commitment to an intermediate monetary target', Quarterly Journal of Economics, Vol. 100, pp. 1169-1189.
27. Rudebusch, G. and Svensson, L. (1999). 'Policy rules for inflation targeting', in Taylor J. (ed.), Monetary Policy Rules, University of Chicago Press, Chicago.
28. Salemi, M. (1995). 'Revealed preferences of the federal reserve: using inverse control theory to interpret the policy equation of a vector autoregression', Journal of Business and Economic Statistics, Vol. 13, pp. 419-433.
29. Salemi, M. (2001). Econometric Policy Evaluation and Inverse Control, University of North Carolina, mimeo.
30. Sims, C. and Zha, T. (2001). Macroeconomic Switching, Princeton University, mimeo.
31. Söderlind, P., Söderström, U. and Vredin, A. (2002). Can Calibrated New-Keynesian Models of Monetary Policy Fit the Facts?, Sveriges Riksbank Working Paper no. 140.
32. Svensson, L. (1997). 'Inflation forecast targeting: implementing and monitoring inflation targets', European Economic Review, Vol. 41, pp. 1111-1146.
33. Taylor, J. (1993). 'Discretion versus policy rules in practice', Carnegie-Rochester Conference Series on Public Policy, Vol. 39, pp. 195-214.
34. White, H. (1982). 'Maximum likelihood estimation of misspecified models', Econometrica, Vol. 50, pp. 1-16.